Business > EXAM > IFRS Questions Exam 1 | 100% Correct Answers (All)

IFRS Questions Exam 1 | 100% Correct Answers

Document Content and Description Below

IFRS stands for: (a) International Federation of Reporting Services. (b) Independent Financial Reporting Standards. (c) International Financial Reporting Standards. (d) Integrated Financial Report... ing Services. - ✔✔c The major key players on the international side are the: (a) IASB and FASB. (b) IOSCO and the SEC. (c) SEC and FASB. (d) IASB and IOSCO. - ✔✔d IFRS is comprised of: (a) International Financial Reporting Standards and FASB Financial Reporting Standards. (b) International Financial Reporting Standards, International Accounting Standards, and Interna- tional Accounting Interpretations. (c) International Accounting Standards and International Accounting Interpretations. (d) FASB Financial Reporting Standards and International Accounting Standards. - ✔✔b The authoritative status of the Framework for the Preparation and Presentation of Financial State- ments is as follows: (a) It is used when there is no standard or interpretation related to the reporting issues under consideration. (b) It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue. (c) It takes precedence over all other authoritative literature. (d) It has no authoritative status. - ✔✔a Which of the following statements is true? (a) The IASB has the same number of members as the FASB. (b) The IASB structure has both advisory and interpretation functions, but no trustees. (c) The IASB has been in existence longer than the FASB. (d) The IASB structure is quite similar to the FASB's, except the IASB has a larger number of board members. - ✔✔d Which of the following statements about the IASB and FASB conceptual frameworks is not correct? (a) The IASB conceptual framework does not identify the element comprehensive income. (b) The existing IASB and FASB conceptual frameworks are organized in similar ways. (c) The FASB and IASB agree that the objective of financial reporting is to provide useful informa- tion to investors and creditors. (d) IFRS does not allow use of fair value as a measurement basis [Show More]

Last updated: 1 year ago

Preview 1 out of 5 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Reviews( 0 )

$5.00

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
221
1

Document information


Connected school, study & course


About the document


Uploaded On

Aug 11, 2022

Number of pages

5

Written in

Seller


seller-icon
Tessa

Member since 2 years

543 Documents Sold


Additional information

This document has been written for:

Uploaded

Aug 11, 2022

Downloads

 1

Views

 221

Document Keyword Tags

Recommended For You

Get more on EXAM »
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·